Wednesday, November 23, 2016

Commodity: Crude oil drop on renewed doubts on OPEC-led production cut

Crude Oil prices fell in Asian trade on Wednesday, altering earlier gains, as doubts re-emerged over whether OPEC would agree to a crude oil production cut at a ministerial meet next week.  

A strong dollar, which traded close by the 13 1/2-year peak hit last week, also weighed on prices among thin trading ahead of the US Thanksgiving holiday on Thursday. 
International Brent crude oil futures dropped 8 cents to $49.04 a barrel at 0548 GMT after climbing to $49.42 a barrel earlier in Wednesday's session on optimism OPEC would agree to an output cut.